Wednesday, 1 October 2014
Last updated 34 min ago
Dec 1 2011 | 11:44am ET
John Paulson recently apologized to his investors about his funds' awful performance this year. But at least one client has nothing to complain about.
That's because Paulson several years ago agreed to backstop any losses suffered by the 92nd Street Y, one of New York's premier cultural institutions. Paulson serves on the Y's board, and his Paulson & Co. is the Y's largest outside money manager, running more than a quarter of its $37.9 million in investments.
Paulson isn't the only Y money manager who made that deal; three others have as well, including fellow board member Curtis Schenker of Scoggin Capital Management and Eminence Capital, whose head's wife also serves on the board. But Paulson is probably the only one on the hook for as much as $4 million.
"We're certainly not ashamed of any of this," Y executive director Sol Adler told The New York Times. "This institution has particularly generous board members, including John and a number of others."
In addition to serving on the Y's board, Paulson also sent his two daughters to the institution's exclusive preschool and nursery school.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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